- Synchronoss (NASDAQ:SNCR) shares are currently down 7.7% to $3.64 after yesterday's Q4 report beat top and bottom line estimates but provided a mixed view for the year.
- For Q4, revenue was down 23% Y/Y to $69.38M, about $1.6M above estimates. The loss per share was $0.19, one cent better than expected.
- The net loss improved 26% on the year to $10.9M.
- Adjusted EBITDA dropped 1% on the year to $6.4M.
- “Our fourth quarter and year end results reflect progress with our continued focus on expanding both our gross and adjusted EBITDA margins. We are seeing the benefits of our cost management efforts, which allowed us to deliver comparable year over year adjusted EBITDA results despite top-line revenue pressures. This is in large part due to significant cost savings delivered during 2020, and we are continuing to streamline our operations with a focus on increasing our adjusted EBITDA in 2021," says CFO David Clark.
- For the year, SNCR forecasts revenue of $275-285M, which trails the $282.4M consensus at the midpoint, and adjusted EBITDA of $30-35M, above the $29.3M consensus.
- Press release.
- Earlier yesterday, the company announced making interim CEO Jeff Miller's position permanent.